Opening a business bank account if you’re not a UK resident is likely to be more complicated than for residents, but if you’re operating your business in the UK it’s well worth having one. Your ability to open one will depend on a range of factors, so you’ll need to think about what type of account you need.
Although there’s no legal requirement for you to be a UK resident to open a business account in the UK, every bank or account provider will have its own criteria and process. And it can take quite a while, with lots of paperwork. You can try the bigger, established banks or you can look into digital, challenger banks.
In most cases, only the director of a business registered with Companies House will be able to open a business bank account. Tide is an example of a business account provider that will let you open an account as a non-resident, provided you have a UK residential address and phone number. It also provides a service to register your business with Companies House.
Revolut is another digital option that could provide you with a simpler application process, as your company can be registered in the UK or European Economic Area (EEA). Its process is online as well, which might end up being quicker.
You’ll need to think about whether you actually need a full bank account as well, because you might be able to use Wise, Revolut or Airwallex to send and receive money in multiples countries and currencies. One of these could fulfil most of your requirements, so it’s important to understand what you need before you apply. It could save you time, money and paperwork.
You should also consider whether the bank you’re using in your home country has a presence in the UK and whether you’re able to open an account that way.
Airwallex Multi-Currency Business Account
8.7 GreatYour business does not need to be registered in the UK to qualify for a business account with Airwallex. In fact, you can create local accounts in the UK or foreign currency accounts across the globe without even needing to visit a bank branch. The account enables you to create virtual employee and expense cards for your business in just minutes, as well as track spending and set spend limits. You'll also be able to make faster, cheaper domestic and international payments and integrate your account with invoicing solutions such as Xero. What's more, there are no account set up or management fees and UK domestic transfers are also fee-free, providing they are carried out via Airwallex's payment network.
Revolut Business Basic Account
9.1 ExcellentThe basic eligibility criteria to open a Revolut business account is that your company is registered and operates from the EEA, Switzerland, Australia or the US, making it a good option for non-UK residents. You can sign up for a business account in minutes and there are no credit checks to worry about. In addition, you can set up multi-currency sub-accounts to receive, hold and exchange money in more than 25 currencies worldwide with no hidden fees.
Zempler Bank Business Go Account
8.3 GreatYou can open a business bank account with Zempler Bank (formerly Cashplus) as a non-resident as long as the business is based in the UK and registered with UK Companies House, with an active business status. You’ll need a confirmation statement from UK Companies House showing everything is up to date and there are some additional checks required to open an account. Zempler offers a Business Go and a Business Extra account. Go has no monthly fees and Extra charges £9 a month, but comes with more inclusions, so might be more suitable for a business that makes lots of payments.
HSBC Kinetic Current Account
8.2 Great| Account fee | £6.50 per month (waived in first 12 months) |
|---|---|
| Arranged overdraft | |
| Requires credit check |
HSBC has a global presence in more than 64 countries and territories, so if you're looking to open a business bank account in the UK, the HSBC Kinetic account could be worth considering. The account can be opened via the app and there's no monthly maintenance fee for the first 12 months. Users can manage direct debits, standing orders and future payments with ease, as well as gain insights on business spending with automatically categorised transactions. The app also lets you scan and deposit cheques securely, as well as make payments of up to £25,000 per day. Larger payments can be made via business telephone banking. The account can be accessed on your mobile or desktop, and there's also the option to activate, freeze and unfreeze your debit card if required.
| Account fee | £6.50 per month (waived in first 12 months) |
|---|---|
| Arranged overdraft | |
| Requires credit check |
Monese Business
| Account fee | £9.95 per month |
|---|---|
| Arranged overdraft | |
| Requires credit check |
You don't have to be a UK resident to open a Monese business account but your company does need to be UK-registered and therefore listed on Companies House. You can then open an account with ease via the app and there's no credit check requirement. The account charges a monthly fee and can be managed via the app. It offers a whole host of benefits, including a contactless Mastercard debit card that can be used online, in-store or at ATMs anywhere in the world. You'll also be able to spend, receive and send money fast in the local currency with no extra markup fees, as well as send money to more than 30 countries. In addition, customers can pay cash into their account at any PayPoint or Post Office location, create invoices in-app and set up additional security features on their account.
| Account fee | £9.95 per month |
|---|---|
| Arranged overdraft | |
| Requires credit check |
3S Money Account
| Account fee | $50 per month |
|---|---|
| Arranged overdraft | |
| Requires credit check |
The business account from 3s Money accepts directors and shareholders from more than 190 countries and supports payments in more than 65 currencies. This is an easy-to-use online account with access for up to 10 users and competitive foreign exchange. It offers the ability to pay local salaries and taxes, no matter where you're from, as well as send high-value payments in the UK, US and EU. However, there is a hefty monthly fee to pay and, depending on the nature of your business, you may also have to pay an onboarding fee before opening your account. Certain transactions will also attract a fee. The account can be opened completely online, with each application processed on a case-by-case basis. You'll have your own dedicated client manager to support you too.
| Account fee | $50 per month |
|---|---|
| Arranged overdraft | |
| Requires credit check |
"Opening a business bank account is trickier as a non-UK resident but there is still a range of options to choose from. You can either go with one of the well-established big banks or a newer digital-only one. Either way, there are often monthly account fees for business bank accounts although free options are available.
HSBC’s Kinetic current account is £6.50 a month, although you won’t pay it for the first year, and it can be operated via a smartphone app or online. Lloyds Bank’s business current account costs slightly more at £7 a month, which is also not payable for the first year. An extra benefit is that you get access to Lloyds Bank Academy with tools to help you develop your business.
The newer entrants include Tide, Monese, Revolut Business and Airwallex. You can get free bank and e-money accounts from Tide, Revolut and Airwallex but watch out for transaction and other charges, which could make them more expensive for your business than an account with a monthly fee, depending on your needs.
Some accounts require your business to be registered in the UK but you can open a Revolut Business account if your business is registered and has a physical presence in the EEA, Switzerland, Australia and the US too. You can also get an account with Airwallex if your business isn’t UK registered."
There are no laws or rules against it, but it’s also true that most banks will only accept applications from company directors living in the UK. They will ask for proof of address too.
This is because anti-money laundering regulations are quite strict and accepting overseas clients can be a bit of a compliance nightmare for banks.
So, you will need to shop around a bit, and perhaps try a couple of different banks before getting it right. It might also take quite a bit longer than usual while the bank carries out the necessary checks.
Unfortunately, there is no straightforward list of banks that do or do not accept business account applications from non-UK residents; much depends on the business and on the bank, on a case-by-case basis.
But here are some options you can try:
Digital-only providers can be an especially good solution if your business is relatively small and does not need to deal with much cash. They’re often cheaper too, and in some cases you might be able to secure a multi-currency business account with one of them, which can be great for international trade.
Traditional banks usually require you to visit a branch to open a business account, while you should be able to do everything online with a digital-only provider.
Normally, these are the basic details and documents you need to open a business account in the UK:
As you are not a UK resident, some of these may vary. For example, you might be asked to provide proof that your business has a physical presence in the UK through your office’s rental agreement or bills.
You can find more information on UK business accounts and how to compare them on this page. However, as a non-UK resident, your options will likely be reduced and you might have to compromise on some things.
Taking this into account, these are our top 3 factors to consider before committing to a bank:
You may have to jump through some extra hoops to get a business bank account in the UK as a non-resident due to anti-money laundering rules but as long as you are able to provide all the documents the bank needs to verify your details, you should be able to open one. It’s worth looking into the accounts from the digital-only challenger banks as they can have less strict requirements. Just make sure you weigh up all the fees and charges to get the best deal for your business.
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